Pabst, thanks for your response and the insight.
For those that make 4 or 5 grand a day net
- Thread starter FastandFurious
- Start date
I'll let you know in a few years, when I figure it out 
No ETF's as of now, but I would like to trade some SPY intraday.
Pabst
With multiple entries at various price points, do you still keep track of each and every execution? Do you just place full trust in the broker's report? As I work my way up, I find that "bookkeeping" is becoming a headache (My bookkeeping habit is from stocks and options trading where I always reconcile brokers' reports with my own records). I just wonder how you handle this mundane aspect of trading.
Thanks in advance. I read many of your posts here and appreciate your contribution.
Opra
I do something similar to this when I have market delta signals that align with other factors I look at to enter a trade.....but my entries are continuous and "mechanical" in a predetermined zone until price finally moves one way or the other. I am in and out constantly at two tick profits with about 1/2 of my accumulated positions until I hit my first set profit target, or until I have achieved the profit objective of my first set profit target. If the market trades sideways in a zone for 10 minutes then I have normally accumulated enough two tick profits that I am well above my profit objective, and I now have the option to conclude the trade prior to ever hitting my original set targets. You can make a lot of profits in a 2 point zone in ten minutes when the market can't make up its mind where it wants to go.
Here was a trade Friday where I had numerous two tick hits after my first profit target was filled, but prior to my second target objective being filled......
http://www.charthub.com/images/2006/08/26/ESDeltaTrend345_2.png
The market traded sideways after the first target was filled, so I stayed in my "mechanical" scale-in/scale-out method the entire period as I saw no evidence that the zone I was trading in would break. Eventually the second target was filled and that was the conclusion of the primary positions of the trade. I saw just enough in the flat "delta" to stay in this trade and wait to see if that second target could be achieved. I had left a few runners on for this trade but they did not really get any follow through right after the second target was hit, so I just flattened the remaining positions about two ticks lower than my second target price level.....trade now flat and completed.
In the pit I used to "cannonball" i.e. add to losers until I either recouped my loss or went broke. My swings were ridiculous.
I now have much more confidence in my "levels" and I don't take it personally if a series of trades produce losses. Shit happens. I realize I have a positive expectancy so I just keep rolling the dice regardless.